Retainage
Barron's Business Dictionary:
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Retainage
In a construction contract , money earned by a contractor but not paid to the contractor until the completion of construction or some other agreed-upon date. The amount is held back as assurance for the quality of the work.
| Retailer’s Service Program, Retail Trade Sales and Food Service Sales, Retail Rate | |
| Retained Earnings, Retained Earnings Statement, Retained Earnings, Appropriated |
Barron's Real Estate Dictionary:
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Retainage
In a construction contract , money earned by a contractor but not paid to the contractor until the completion of construction or some other agreed-upon date.
Example: The general contractor earns $5,000 upon pouring the foundation, plus $15,000 upon completion of the frame, plus $10,000 upon completion of the roof. Of each payment, 10% is held back by the developer as retainage. It is paid after a certificate of occupancy is issued.
Example: The general contractor earns $5,000 upon pouring the foundation, plus $15,000 upon completion of the frame, plus $10,000 upon completion of the roof. Of each payment, 10% is held back by the developer as retainage. It is paid after a certificate of occupancy is issued.
| Retail Property, Retail Gravitation | |
| Retaining Wall, Retaliatory Eviction |
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A sum withheld from progress payments to the contractor in accordance with the terms of the owner-contractor agreement.
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Copyrights:
Barron's Business Dictionary
Dictionary of Business Terms. Copyright © 2007 by Barron's Educational Series, Inc. All rights reserved.
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Barron's Real Estate Dictionary
Dictionary of Real Estate Terms. Copyright © 2008 by Barron's Educational Series, Inc. All rights reserved.
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